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Forum
-> Household Management
-> Finances
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amother
OP
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 Wed, Oct 16 2019, 8:36 am
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If I open up a checking or savings account just to get the bonus offer....and then I close the account after the bonus posts to my account, can I be penalized? It doesn't say anything about this in the fine print....just wondering if anyone did this?
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icedcoffee
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Wed, Oct 16 2019, 9:00 am
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There is usually an amount of time the account needs to stay opened (generally it is longer than immediately after the bonus is sent) but after that it should be fine. Opening accounts for bonuses and then closing them is a real practice called credit card churning and as long as you are aware of the terms it can be quite lucrative. There are many online communities that discuss strategies for churning and websites that discuss the pros and cons of each offer/promotion, so you might want to google the specific offer and see what comes up.
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amother
Khaki
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Wed, Oct 16 2019, 9:38 am
I feel like that is halachikly not ok.
I would not know where or why, and it might be ok to the letter of the law, but it feels a little like geneva to me.
Other similar things would be buying things through Rakuten, with the intention of returning, just to get the free money (not talking about a purchase that didn't work out) or intentionally buying things with free gifts and then returning the item and keeping the gift (when you had no intention of keeping the item)
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Amelia Bedelia
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Wed, Oct 16 2019, 12:30 pm
| amother [ Khaki ] wrote: | I feel like that is halachikly not ok.
I would not know where or why, and it might be ok to the letter of the law, but it feels a little like geneva to me.
Other similar things would be buying things through Rakuten, with the intention of returning, just to get the free money (not talking about a purchase that didn't work out) or intentionally buying things with free gifts and then returning the item and keeping the gift (when you had no intention of keeping the item) |
Ebates/Rakuten usually pays the amount you earned only after calculating the returns.
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amother
OP
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Wed, Oct 16 2019, 7:16 pm
| icedcoffee wrote: | | There is usually an amount of time the account needs to stay opened (generally it is longer than immediately after the bonus is sent) but after that it should be fine. Opening accounts for bonuses and then closing them is a real practice called credit card churning and as long as you are aware of the terms it can be quite lucrative. There are many online communities that discuss strategies for churning and websites that discuss the pros and cons of each offer/promotion, so you might want to google the specific offer and see what comes up. |
would like to find out some more information...can you direct me to any good online resources?
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amother
Wheat
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Wed, Oct 16 2019, 8:21 pm
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Doctor of Credit, Dansdeals forums
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